Thursday, August 18, 2011

Saving Money With Government Auctions

Government auctions are where items that various government agencies have seized are sold, often at excellent prices. With a little knowledge, you can save some money with government auctions. Here is some basic information and tips to help you make the most of government auctions.
What items are for sale at government auctions?
Usually, big ticket items, such as vehicles, houses, land, boats, airplanes, computers, etc.
Where have the items come from?
Usually, the items have been seized by a government agency. Items might be seized in a raid, repossessed due to unpaid taxes, etc. Agencies that seize and sell items include the FBI, IRS, police departments, DEA (Drug Enforcement Administration), etc.
How are items sold?
Depending on the auction, items may be sold at an internet auction, at a fixed price, or at a conventional auction.
How can I find out about items for sale?
There are many ways to find out about items for sale. Searching the internet will provide you many websites that list government auctions. Some of the sites require a paid membership, others are free.
Tips for buying at government auctions
Look carefully at items you wish to bid on or purchase. Items are almost always sold as is, meaning that if it does not work as you expected it to, or other problem, arise, you cannot return the item.
If there is a preview for the auction you plan to attend, take advantage of it. In some cases, the items will not be available for review during the auction, so it is advisable to attend the auction preview to look at items you are interested in.
What other auctions can I attend to save money?
You may also want to check out foreclosed property auctions. Items at these auctions have been seized by a bank due to non payment of the loan on the item.